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Kansas Securities Regulation
In 1911, Kansas became the first state to pass a law regulating the sale of investments. According to J.N. Dolley, the author of the law, it was an effort to prevent the sale of securities by promoters who promised rain, but delivered only “blue sky.” In the next few years, other states passed similar laws. Following the great stock market crash of 1929, the federal government began to regulate investment activity with the passage of the Securities Act of 1933, and the creation of the
U.S.Securities and Exchange Commission
Role of the Office of the Kansas Securities Commissioner
The Office of the Kansas Securities Commissioner is an independent state agency funded entirely by industry fees. The agency regulates and monitors the offering of securities and financial services within Kansas by registering securities, broker-dealers and their agents, investment advisers and their representatives, loan brokers, and certain land subdivisions. Agency staff also investigate potential violations of the laws and ensure that registered persons and entities comply with industry, legal, and accounting standards. The staff has the authority to investigate any investment-related activity that occurs in Kansas, even when companies or individuals from outside of the state are involved.
The Securities Commissioner administers the
Kansas Uniform Securities Act
Uniform Land Sales Practices Act
, and the
Loan Brokers Act
. The commissioner enforces these laws through administrative, civil, and criminal proceedings.
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